Israeli authorities are carrying out clandestine investigations against citizens that maintain bank accounts abroad, targeting those seeking to avoid paying income tax.

According to the Yisrael Hayom report, Tax Authority CEO Moshe Asher announced in February 2014 that the authority received a list from an anonymous source with the names and information of Israelis with foreign accounts along with account information. Asher explained that the work is in progress and those required to pay income tax and have been avoiding this will pay what they owe in the future.

The report adds it is estimated that 51% of Israelis know someone with an account abroad, adding this is true in many continents including N. America and Europe. Authorities encourage citizens with accounts and/or real estate holdings abroad to step forward and deal with it to avoid legal action and complicating the situation. It is promised that by stepping forward and declaring one’s assets, one will not face criminal prosecution.

Tax Authority officials estimate the hidden funds abroad amount to $70 billion and the discovery of these funds will generate tens of billions of shekels in tax revenue.

(YWN – Israel Desk, Jerusalem)